Thai Union: Shrimp, tuna prices on rise
Thai Union Frozen Products (TUF), the Kingdom’s largest seafood exporter, will increase its export prices of shrimp and tuna products by 2 to 4 percent soon to offset the increase in the daily minimum wage and raw-materials costs.
TUF president Thiraphong Chansiri said that even though the company had reduced some operating costs and increased productivity since last year to deal with the Bt300 daily minimum wage imposed last month in key provinces, this year it had no choice but to increase prices.
Isara Vongkusolkit, chairman of Mitr Phol Sugar Group, said his company was adjusting to higher wage-driven costs by focusing more on technology and cutting temporary staff.
“I don't know the exact amount to be invested, but it will definitely be geared towards new technology,” he said. The group late last year raised workers’ pay to meet the Bt300 minimum in the seven provinces in which the government program was to kick off, he said.